FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands, except share and per share data) | June 30, 2022 (unaudited) |
| December 31, 2021 |
ASSETS |
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Current assets: |
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Cash and cash equivalents | $ 101,969 |
| $ 121,989 |
Accounts receivable, net | 70,915 |
| 78,523 |
Inventories, net | 44,076 |
| 53,145 |
Prepaid expenses and other current assets | 25,248 |
| 19,793 |
Total current assets | 242,208 |
| 273,450 |
Non-current assets: |
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Property, plant and equipment, net | 21,109 |
| 22,194 |
Operating lease right-of-use assets | 20,154 |
| 22,543 |
Goodwill | 79,595 |
| 82,096 |
Intangible assets, net | 28,382 |
| 25,616 |
Service and sales demonstration inventory, net | 29,692 |
| 30,554 |
Deferred income tax assets, net | 19,635 |
| 21,277 |
Other long-term assets | 2,174 |
| 2,010 |
Total assets | $ 442,949 |
| $ 479,740 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ 13,635 |
| $ 14,199 |
Accrued liabilities | 24,692 |
| 28,208 |
Income taxes payable | 6,539 |
| 4,499 |
Current portion of unearned service revenues | 36,372 |
| 40,838 |
Customer deposits | 6,975 |
| 5,399 |
Lease liabilities | 5,867 |
| 5,738 |
Total current liabilities | 94,080 |
| 98,881 |
Unearned service revenues - less current portion | 22,323 |
| 22,350 |
Lease liabilities - less current portion | 16,053 |
| 18,648 |
| Deferred income tax liabilities | 1,010 |
| 1,058 |
| Income taxes payable - less current portion | 10,131 |
| 11,297 |
| Other long-term liabilities | 956 |
| 1,047 |
| Total liabilities | 144,553 |
| 153,281 |
| Shareholders' equity: |
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| Common stock - par value $.001, 50,000,000 shares authorized; 19,651,715 and 19,588,003
| 20 |
| 20 |
| Additional paid-in capital | 306,119 |
| 301,061 |
| Retained earnings | 55,283 |
| 73,544 |
| Accumulated other comprehensive loss | (32,369) |
| (17,374) |
| Common stock in treasury, at cost - 1,376,351 and 1,382,367 shares held, respectively | (30,657) |
| (30,792) |
| Total shareholders' equity | 298,396 |
| 326,459 |
| Total liabilities and shareholders' equity | $ 442,949 |
| $ 479,740 |
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FARO Announces Second Quarter Financial Results
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